Functional Composites Market Research Report - Forecast to 2030

Functional Composites Market Research Report, by Type (Metal Matrix Composites, Polymer Matrix Composites) by Function (Thermally Conductive, Electrically Conductive) by End-user (electrical and electronics, automotive) - Forecast till 2030

ID: MRFR/CnM/0364-HCR | 139 Pages | Author: Chitranshi Jaiswal | December 2023         

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Functional Composites Market Overview


Functional Composites Market is expected to grow at a CAGR 8.50% during the forecast 2021-2030.Functional Composites Market are compounds that possess special electrical, optical, and magnetic properties. The advantages of functional composites such as enhanced stiffness, high tensile strength, and high durability among others pave their way into many end-user industries. The growing demand for end-user industries such as aerospace and defense, automobile, building & construction, and consumer goods & electronics among others are the major factors driving the Functional Composites Market.


Among the various function segments in the Functional Composites Market, the thermal conductive segment is the leading the market growth and is anticipated to continue its dominance over the forecast period 2021-2030. The growing demand for functional composites in eco-friendly constructions is attributing to the growth of the segment. The thermal conductive functional composites improve the energy efficiency in heating, air conditioning, ventilation, and lighting applications. On the basis of the type, polymer matrix composites are the leading segment and are expected to exhibit an exponential CAGR during the forecast years. The growing demand for low weight materials in aerospace, automotive and defense industries is contributing significantly to the growth of the segment.


The Functional Composites Market Share, by Function

 Functional Composites


Source: MRFR analysis


List of Key Players in the Functional Composites Market



  • 3M Company (U.S.)

  • 3A Composites (Switzerland)

  • Air Products and Chemicals, Inc. (U.S.)

  • Bayer AG (Germany)

  • DuPont (U.S.)

  • AMETEK Inc. (U.S.)

  • Applied Materials, Inc. (U.S.)

  • Kyocera Corporation (Japan)

  • Momentive Inc (U.S.)

  • Materion Corporation (U.S.).


Regional Analysis 


The Functional Composites Market is segmented into five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds the major share of the market and is expected to be the fastest growing region at a rapid rate. Growing population and the increasing per capita disposable income in the developing nations are primarily driving the growth of the Functional Composites Market. Moreover, increasing demand for functional composites in the automobile and electronic industry mainly in countries such as India, China, and Japan is propelling the market growth. Furthermore, factor such as competitive manufacturing cost and encouraging government regulations are further contributing to the growth of the market in this region. Additionally, the growing defense budget coupled with increasing application of functional composites in energy and power sector is surging the market growth.


North America is another dominant region in the global market. The presence of three big automobile companies namely General Motors, Ford, and Fiat Chrysler has augmented the overall demand for functional composites from the automobile industry. Furthermore, developed end-user industries such as electrical and electronics and aerospace coupled with the increasing adoption rate are other factors driving the growth of the market. The U.S. and Canada are the major countries attributing to the growth of the market.


The European region is a lucrative market and is mainly driven by a well-developed automobile and electrical & electronic industry. The growing application in the aerospace and construction sector has further augmented the growth of the market. Moreover, the increasing defense investment in the European region is also expected to fuel the market growth.


Functional Composites Market Segmental Analysis

The Functional Composites Market is segmented into type, function, and end-user. On the basis of the type, the Functional Composites Market is segregated into metal matrix composites, polymer matrix composites, ceramic matrix composites, and hybrid matrix composites.  The Functional Composites Market by the function is segmented into thermal conducive, electrical conducive, magnetic, barrier and optic. The Functional Composites Market by the end user industry is further categorized into aerospace and defense, wind energy, transportation, building & construction, electrical & electronics, and consumer goods.


Geographical Analysis

The Functional Composites Market Report covers brief analysis of the major geographic regions namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.


Intended Audience



  • Functional Composites Market Manufacturers

  • Traders and distributors of Functional Composites Market

  • Production process industries

  • Potential investors

  • Raw material suppliers

  • Nationalized laboratory 

Report Scope:

Report Attribute/Metric Details
  Market Size   2030: Significant value
  CAGR   8.50% 2030
  Base Year   2021
  Forecast Period   2021 to 2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Type, By Function, By End-user
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   3M Company (U.S.), 3A Composites (Switzerland), Air Products and Chemicals, Inc. (U.S.), Bayer AG (Germany), DuPont (U.S.), AMETEK Inc. (U.S.), Applied Materials, Inc. (U.S.), Kyocera Corporation (Japan), Momentive Inc (U.S.), and Materion Corporation (U.S.).
  Key Market Opportunities Enhanced stiffnessHigh tensile strengthHigh durability among others pave
  Key Market Drivers Aerospace and DefenseAutomobileBuilding & ConstructionConsumer goods & Electronics




Frequently Asked Questions (FAQ) :

The enhanced stiffness, high tensile strength, and high durability of functional polymers are the major advantages of functional polymers over alternatives.

The growing demand for functional composites from industries such as construction, automotive, aerospace and defense, and consumer goods is the major driver for the functional composites market.

Polymer matrix composites hold the largest share in the global functional composites market, followed by metal matrix composites.

Major functions of functional composites include thermal conductive, electrical conductive, magnetic, barrier, and optic.

Asia Pacific is the largest regional market for functional composites due to the growing automotive, consumer goods, and aerospace industries in the region.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players‚Äô financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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